I can't go through all the points with you but re. your point...

I can't go through all the points with you but re. your point quoted below:
"Regarding the "less borrowing/gearing", again its applicable to all sectors. I think this point in particular should affect banks more than any other sector as it will result in much less profit and growth(as a result of less lending)."

The banks may well be borrowing and lending less but they are now operating on far better margins and far more secure loans. Consequently, their profits will rise in the future rather than fall as you are suggesting.
As an example, loan margins on residential lending for the banks were around 1% pre GFC. Post GFC and the decimation of non-bank lending competition, the margin has returned to a very high 3.8-4% which is pre NBL days.
The banks also covered themselves by taking the opportunity when surrounded by doom and gloom to expel as much of their bad debts/writedowns etc. as possible to clear up the balance sheets going forward(ie. less chance of further bad debts/writedowns etc. to affect profitability).
The Gov't also gave them an enormous freebie by way of virtually guaranteeing their own loans from customers (ie. deposits)!

The market realised all this months ago and marked the banks up accordingly. The market though, sees the REIT sector on the other hand as still facing significant writedowns, slowing sales, more expensive borrowing costs etc. in FY2010. The materials and mining sectors have a bright future thanks to China surviving the global meltdown with demand still strong. Even though their borrowing costs have risen other costs such as labour, infrastructure, equipment etc. has dropped dramatically. Should China falter though, it's goodbye materials sector for a while!

Lastly, we shouldn't confuse market sentiment and actions with the actual corporate activity. They can be out of sync- especially at times like these.

FKP will fire up again very soon though I am expecting, so just hang in there.